There is no denying that studying for a business management degree involves a financial outlay. It also requires you to invest time in your studies. If you are already working, your career may need to temporarily take a back seat, so you can focus on your degree.
Before you make that commitment in time and money, you understandably want to know whether your degree will be worth the investment.
Research by College Board shows the advantages of having a degree for your future career and earning potential. According to the most recent report, those with a bachelor’s degree earn $24,900 more each year than high school graduates and are 14% more likely to be employed.
With the cost of completing an accelerated online bachelor’s program in management at Concordia Chicago typically coming in at around $25,000, it won’t take long before you see a return on your investment.
The research shows that a bachelor’s degree is a worthwhile commitment to your future. But why choose a business management degree above any other?
The good news is that employment opportunities in management are growing faster than for the job market overall. According to the U.S. Bureau of Labor Statistics, 505,000 new jobs in management are due to open up between 2019 and 2029.
Organizations of all sizes and in all sectors need skilled managers to lead their teams, so having a degree in management is an excellent qualification to add to your CV.
Salary expectations are also high. The median wage for managers as a group was $109,760 in May 2020. That is the highest of any major occupational group, putting managers ahead in terms of annual earnings.
Of course, the job opportunities and expected salary will vary depending on the type of sector you work in. Specialist roles, such as HR, healthcare, and education, require skills and knowledge specific to the unique environment these managers operate in.
Knowing the career outlook for each sector will help you feel confident that you are making a good investment by choosing a bachelor’s in management.
Types of management degrees you might pursue include:
- Organizational management
- Healthcare management
- Human resource management
- Sports and recreation management
A bachelor’s degree in organizational management is a versatile and highly transferable qualification, showcasing skills that will be of use to employers in any sector.
The range of roles an organizational management degree makes available is vast. Because you graduate with a wide range of skills and knowledge in everything from marketing to finance, there are few limits to where your career can take you.
It is rare, however, for management roles to be available to those without at least a bachelor’s degree. Achieving a management position without a degree usually requires many years of experience in the industry.
Having a degree in organizational management puts you on the fast track, meaning you can achieve a higher salary and more responsibility much more quickly.
Salary expectations will vary depending on the sector you enter but are higher than for non-managerial roles in the same sector. According to the U.S. Bureau of Labor Statistics, some median annual salaries for jobs you could enter after completing a BA in organizational management include:
- Administrative services or facilities managers: $98,890
- General and operations managers: $103,650
- Sales managers: $132,290
- Finance managers: $134,180
- Advertising and marketing managers: $141,490
- IT managers: $151,150
Of course, having a solid and wide-ranging understanding of business management is also an excellent grounding from which to progress to a C-Suite role. If your career advances in this direction, your salary expectations will also increase. Chief executives earn a median annual salary of $185,950.
To give these figures a little more context, the median salary for a general role in IT and computing is $91,250. Non-managerial administrative staff can expect to earn around $38,720, and even finance and business roles only bring in a median of $72,250 per year.
The increased earning potential of a management role is a convincing incentive to pursue a degree in organizational management. The cost of your degree should soon be covered by your higher salary .
Across all sectors, the demand for managers is growing faster than average, with a predicted 5% growth between 2019 and 2029.
Some industries are growing at a quicker rate than others and the opportunities for management roles will improve accordingly.
In an increasingly digital world, it is no surprise that the call for computer and IT managers is especially high – this sector is predicted to grow 10% from 2019 to 2029, which is much faster than average.
Financial managers are also in demand, with a predicted 59,600 new jobs opening every year. Jobs in social and community service management are due to grow 17%, much faster than average. And, while their median salary might be less (at $69,600 a year), those with a desire to better their communities can expect good employment prospects.
Is an Organizational Management Degree Worth the Investment?
A bachelor’s degree is the minimum entry requirement for most management roles. With its broad focus, a degree in organizational management gives you a strong grounding in many essential skills which are vital for success in these fields.
The initial financial investment should be paid off quickly, as your degree qualifies you for higher-earning roles and demonstrates your worth to employers.
Working in healthcare management requires a specific set of abilities suited to the unique challenges faced by healthcare organizations. A degree in healthcare management gives you the skills you need to take on jobs in this sector.
Jobs in healthcare management are demanding, but also rewarding. They involve broad management skills, as well as specific knowledge of issues such as legislation, compliance, and ethics.
Healthcare managers work in hospitals, physicians’ offices, and other medical facilities. The salary you can expect will depend on the exact role you take on and where you work. But the investment of studying for a BA in healthcare management should quickly show dividends. These sought-after skills boost your earning potential and give you access to a wider range of employment opportunities.
Efficiency is vital to any organization but is especially crucial in healthcare, where you are in the business of saving lives. While healthcare managers may not be on the front lines with the doctors and nurses, they play an essential role in how healthcare organizations operate.
That role is reflected in the earning potential of healthcare managers. According to the U.S. Bureau of Labor Statistics, the median annual salary for this group is $104,280, compared with $29,960 for health support occupations and $48,820 for licensed practical nurses (LPN).
Salaries vary depending on where you work. Most healthcare managers are employed in hospitals, but others work for physicians, nursing homes, or outpatient care facilities. Median earnings for each location in May 2020 were:
- Government: $116,380
- Hospitals; state, local, and private: $112,870
- Outpatient care centers: $100,690
- Offices of physicians: $94,240
- Nursing and residential care facilities: $89,880
It is worth noting that senior healthcare managers often go onto further study, and master’s degrees are sometimes a requirement for higher-level jobs. You will need a BA before you can qualify for many master’s programs, so this is an essential stepping stone in your career path.
It is no secret that we have an aging population. Combined with other health concerns, such as mental health, obesity, and disease control, it isn’t surprising that healthcare is one of the fastest-growing employment sectors, predicted to increase 15% between 2019 and 2029.
The picture is even more positive for managers. The U.S. Bureau of Labor Statistics predicts an incredible 32% growth in medical and healthcare management roles. That’s compared with an average job market growth of just 4% and makes it the 8th fastest-growing occupation in the United States.
Is a Healthcare Management Degree Worth the Investment?
Healthcare management skills are highly prized. And the demand for this specialism will only grow over the next decade.
Choosing to study for a BA in healthcare management is an excellent first step into this sector. With higher earning potential and plenty of employment opportunities, this is a qualification that offers a good return on your investment.
Human Resource Management
Human resource managers are found in almost every industry, helping employers and employees work successfully together. With their in-depth understanding of employment law, as well as a desire to see the right individuals placed in jobs where they can showcase their talents, HR managers play an essential role in the smooth running of any organization.
Most jobs in human resource management require at least a bachelor’s degree. Some employers will prefer to see a master’s in human resources or a related topic. Starting with a BS in human resource management will give you a springboard from which to launch your career in this valuable sector.
Once established in a career in HR, many managers will choose to specialize in the area that most interests them. They might focus on recruitment, training, or employee relations.
The salary and availability of jobs will vary depending on where you are. Your speciality also affects your earning potential. Choosing a bachelor’s program that gives you a broad understanding of the range of issues involved in HR management is crucial. It will ensure you have the groundwork in place to develop your future career in your chosen direction.
Human resource specialists are an essential part of any large organization, and many smaller ones too. Their expert knowledge and skill set are reflected in a higher-than-average salary.
In both cases, this is well above the median salary for the United States as a whole, which was $41,950 in May 2020.
Human resource managers command different salaries depending on the industry they work in. According to the U.S. Bureau of Labor Statistics, the median salary for HR managers in the largest sectors is as follows:
- Professional, scientific, and technical services: $138,030
- For-profit companies and enterprises: $133,860
- Manufacturing: $119,880
- Government: $105,830
- Healthcare and social services: $101,990
Your expected income will also vary depending on whether you have developed a speciality. Those who focus on benefits and compensation have a median salary of $67,190 per year, increasing to $125,130 at management level. Employment relationship specialists earned a median of $73,240 in 2020, while training and development managers saw an annual income of $115,640.
HR management is a well-established career path with plenty of job opportunities in every industry. General human resource roles are expected to see a growth of 7% between 2019 and 2029, while those who choose to specialize in benefits and compensation, or training and development, can expect to see even faster growth in the availability of jobs.
Since entry into an HR career is rare without a bachelor’s degree, having a BS in human resource management will help you take advantage of the new opportunities in this sector.
Is a Human Resource Management Degree Worth the Investment?
HR remains a vital role in the smooth running of any successful company. Those who choose to work in human resources can expect to see plenty of job openings and a higher-than-average salary.
Even before you reach management level, your degree in human resources will stand you in good stead to improve your employability and earning potential. HR specialists can earn around $21,540 more per year than the median wage.
If your accelerated online degree costs around $25,000, it won’t be long at all before you see a return on your investment.
Sports and Recreation Management
Combining business acumen with a passion for sports and fitness, sports and recreation managers work in a range of roles. This might include managing a sports center or a gym, leading an athletics program at a school or university, or acting as a coach or scout for professional sports teams.
Entry into this field as a fitness instructor or recreation worker only requires a high school diploma. But progressing to sports and recreation management will usually require you to hold a bachelor’s degree.
Employers will want to see that you have a thorough understanding of the business side of sports management, as well as knowledge of fitness and a passion for the role. A bachelor’s degree in sports and recreation management will give you the basis you need to take on these senior positions.
The unique combination of exercise knowledge and an understanding of business management gives sports and recreation managers a boost in salary. While the median income for general recreation workers with a high school diploma is $28,440 per year, fitness club managers can expect to earn between $33,873 and $55,707, depending on their location and experience.
Studying for a BA in sports and recreation management can also prepare you for a career as a coach or scout – both roles typically require at least a bachelor’s degree. According to the U.S. Bureau of Labor Statistics, the median annual salary for these roles is $36,330, although top earners bring in $81,940 a year.
The skills you will learn from studying sports management are also highly applicable to a career as a sports agent, managing a portfolio of athletes. The average salary for a sports or entertainment agent is $98,070 per year.
Even if you prefer to continue in your previous career, perhaps as a personal trainer or fitness instructor, the finance, marketing, and managerial skills you gain through a bachelor’s degree should help you to earn more. Since many personal trainers work for themselves, the understanding of what it takes to run a successful business can make all the difference in your earning potential.
It is an excellent time to work in the sports and fitness industry. With a growing interest in the role of exercise in maintaining health, the call for qualified professionals to manage fitness centers, gyms, and athletics programs is high.
Overall, the availability of jobs in the sports and entertainment sector is expected to grow by 7% from 2019 to 2029, creating around 60,600 new jobs in this industry.
Fitness instructors and personal trainers can expect to see especially fast growth, with a predicted 15% increase in jobs. Employment in these roles doesn’t necessarily require a degree, but those with relevant qualifications are likely to have the edge when applying for jobs. Employers will be particularly drawn to those with the transferable skills that a degree in sports and recreation management gives.
Demand for coaches and scouts is also predicted to rise faster than average, with an expected growth of 12%. Competition for these roles can be fierce, however, especially at the higher levels. A bachelor’s degree will help you stand out from other applicants.
Is a Sports and Recreation Management Degree Worth the Investment?
While many people have a passion for fitness, it is rarer to find that passion combined with an in-depth knowledge of management and a head for business. Investing in a sports and recreation management degree signals to employers that you have the transferable skills necessary to be a true asset to their organization.
Although there is plenty of competition for the top jobs, sports and recreation is also a growing industry. Those with the right qualifications will boost their employability and potential earnings by separating themselves from the crowd.